Vopak is to proceed with an initial public offering (IPO) for its Indian joint venture, Aegis Vopak Terminals Ltd (AVTL).
The company adds that AVTL has reached an agreement for a primary equity issue to investors for an amount of €88 million. The proceeds are proposed to be utilised for repayment of all, or a portion, of the outstanding unsecured borrowings of AVTL and for the purpose of execution of various projects including growth projects and/or other corporate purposes relating to AVTL’s principal business activities.
The transaction represents a shareholding of 3.4% in AVTL. As a result of this transaction, Vopak’s shareholding in AVTL will be diluted from 49% to 47.3%.
